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What was the amount of cash received from customers

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Reference no: EM132683894

Problem - Cash flows from operating activities-direct method

The cash flows from operating activities are reported by the direct method on the statement of cash flows. Determine the following:

a. If sales for the current year were $513,750 and accounts receivable decreased by $32,625 during the year, what was the amount of cash received from customers?

b. If income tax expense for the current year was $34,500 and income tax payable decreased by $3,900 during the year, what was the amount of cash payments for income tax?

c. Briefly explain why the cash received from customers in (a) is different than sales.

Reference no: EM132683894

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